How to Get Approved for a Car Loan
Mike Smith Honda: Auto Financing FAQKnowing how to get approved for a luxury car loan is not that complicated. Many dealerships, however, seem to do their best to make it that way. The Mike Smith Honda Auto Financing Team is here to help break it down for you. If you’re wondering how to get a new Honda or used auto loan, read on. Discover the top auto financing approval questions to ask your dealer.
- Can I Get a Car Loan at the Dealership?
- Should I Apply Before or After Picking a Vehicle?
- How Do I Get Approved for an Auto Loan?
- Can I Get Approved After Bankruptcy?
- What Documents do I Need to Bring?
- Can I Get a Second Car Loan?
- Do You Finance Bad Credit?
- What if I’m Self-Employed?
- Do I Need a Co-Signer?
- Can I Get an Auto Loan After Repo?
1) Can You Get A Car Loan At The Mike Smith Honda Dealership?
2) Should I Apply For a car or truck Loan Before or After Picking Out Vehicle?
3) How Do I Get Approved For An Auto Loan?
Getting approved for an auto loan takes a lot of factors into consideration including your credit history report and your annual/monthly income. While there is not a one-size-fits-all process that will guarantee auto loan approval for everyone, these preparation steps can lower the difficulty level of the approval process.
To get a jump-start on the process, we recommend filling out the dealership’s online financing application before you make the trip to the dealership. When you’re ready to head to the showroom, be sure to bring the following:
- Valid driver’s license
- Proof of income (paycheck stubs and/or bank statements)
- Three to five personal references (name, address, and phone numbers)
- Down payment (if needed)
4) Can I Get Approved For A car or truck Loan After Bankruptcy?
Yes, it is possible to get a car or truck loan approval even after bankruptcy, depending on a few factors:
- Was the bankruptcy a Chapter 7 or Chapter 13 filing?
- Has the bankruptcy been discharged or are you still in bankruptcy?
- How was your credit history before filing for bankruptcy?
- If you do not have a letter from your trustee, you should obtain one.
For a more detailed explanation of how you can get a post-bankruptcy car loan approval, we recommend taking advantage of our financing manager’s auto loan expertise with a quick phone call to (888) 276-8172. There’s no one better equipped to help you find the best ways to get approved, even after bankruptcy.
5) What Do I Need To Bring With Me To Get Approved For A Car Loan?
It’s always a good idea to come to the dealership prepared for the financing process with the following documents:
- Valid Driver’s License
- Proof of Income:
- If you’re a W2 Employee you’ll need: Recent paycheck stubs
- If you’re self-employed you’ll need: Bank statements
If you’re a new employee, a proof-of-employment letter from your employer is a good idea
Three to five personal references (name, address, phone number) These are general documentation requirements. For answers more specific to your circumstances, call one of our team members. We’re more than happy to answer all of your questions and concerns as accurately as possible.
6) Will Mike Smith Honda Approve Me For a Second Car Loan?
Financing a second car loan is more common than you might think. There are several factors lenders look for when considering financing two or more vehicles at a time:
- Your credit history
- Your debt to income ratio
- Whether you have a cosigner
- How long you have had your current car loan
- For more details, we recommend contacting the dealership financing manager to discuss specifics unique to your circumstances.